Economical

Will There be an Economic Crisis, in India after the Corona Pandemic?

ED-AX951_FELDST_GR_20180927100824¬Just a Thought!

The corona pandemic have disturbed the whole balance in the world with high death rate and a huge loss in the global market. A country like India with high rates of malnutrition and unemployment could be severely hit by this Pandemic. So will there be an Economic Pandemic after Corona Pandemic in India?

In India thousands of casual workers who work in hotels, office, factories were send to the home, after shutting their working place with no hope for salary for coming months. If these are the condition of the casual workers what will be the condition of employees that work in the major cities like Bangalore, Delhi, Kolkata, Kochi, Chennai etc. Lakhs of people are send back to their villages because of the virus. The working population are no more active as the companies are shut downed. The worry increase if any of the worker is COVID-positive, will definitely reach the rural population of India when the person move to his home.

The Economic Times has released few data of the major industries working population lets see few of them;

The Tourism and Hotel industry – Employs 4 crore people

The Aviation Industry – Employs 3.5 lakh people

The Retail Industry – Employ 4.6 Crore

The Restaurant Industry- Employ 73 Lakh people

The Ride Hailing Industries(Uber, OLA, etc.) -5 Million drivers partners

With these industries, the major car manufactures like Maruti Suzuki, Hyundai, Honda have shut down their production. The unemployment  and global decline in the production leads to a high chance of imbalance in the World market economy. This will definitely affect India considering the density of population and declined stock market in the past year.

Even though India is fighting the corona pandemic with great hope and the Prime ministers thali bajao appeal was well accepted by many, individually and in crowds(as the virus suicide when they hear the sound of plates¬ unknown), a clear strategy to battle the economic crisis is not designed properly by the government. Since the government is running shot of money, as in 2019 there was a shot by 1.6 lakh crore in GST, its time to think about the after-pandemic situation in India.

In India the government along with its citizen is trying hard to control the Corona pandemic and is seeing a gradual success but the question of survival from an economic crisis and its impact on poor is remaining!

                                                                                                                               ¬ Just a Thought

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